Interest Peaking in Electric Vehicles Due to Rising Gas Prices

Dependence on fossil fuels has always come at a cost and a level of unpredictability. Gas prices have never been particularly stable, but recent events have made the market more volatile than any other time in recent memory. As a result, the cost to “fill up” continues to increase, leading many to believe it may be time to consider going electric.

Even before the recent gas price increases, consumers were becoming more interested in electric vehicles. In 2021, the Car Gurus put out a survey gauging American’s feelings on EVs (Electric Vehicles).

According to the survey, rising gas prices are a strong motivator in a person’s desire to invest in an EV with specific prices per gallon delivering subsequent results. With gas priced at $4 a gallon, 26% of participants became more likely to consider purchasing an EV. When that price per gallon was bumped up to $5, the percentage of participants much more likely to look into EVs rose to 57%, with the trend continuing with higher theoretical prices.

Brand Matters to Potential EV Buyers

Consumers aren’t just interested in any EV brand manufacturer… While Tesla has always been a leader in EVs development and technology, it has become even more popular with potential buyers lately: the percentage of those surveyed who said they trusted Tesla the most with electric vehicles was more than double the number of those who reported Toyota, the next most trusted company, to be most trustworthy.

That said, almost 80% of the participants who showed an interest in EVs stated that they were open to multiple brands, and over half of the car owners surveyed said that they planned to purchase an electric vehicle of their own sometime in the next decade. 

While Tesla might be the most trusted, the price tag might be a deterrent to many potential buyers, as those same participants responded that they were nearly as likely to purchase a Toyota as a Tesla. The most desired kinds of EVs are SUVs and crossovers, though there are limited options for these on the market today.

Electric Vehicle Owners Already Benefiting

Many drivers already have made the switch to EVs and are now reaping the rewards compared to those driving gas-powered cars. According to new research released by the Zero Emission Transportation Association (ZETA) calculated the current costs of driving an EV versus a gas-powered car in today’s conditions. ZETA found that using an EV is three to five times cheaper per mile nationally. In some states, that number rises to six times cheaper.

A fill-up with a gas-powered car is currently running about $50 to $60 or more nationally, while an EV charging costs from $10 to $15 on average. The national cost per mile for a Ford F150, for example, is $0.20 while a Honda Civic comes in at $0.13 per mile. Electric vehicles, however, come in from $0.03 to $.06 per mile, a significant difference from their gas-guzzling cousins. In some areas, such as California, that difference is even more substantial. EVs increase energy usage to charge but that can be offset by solar panels generating more electricity and energy storage like the Tesla Powerwall. This can save energy and charge the vehicle at night. The next generation of EVs with larger batteries will even have the ability to back up a home in the event of a power outage. 

Contact Yes Solar for More Info On Our Solar Solutions

Yes Solar is a certified installer of the Tesla Powerwall home battery backup system, and also certified to install EV charging systems for Tesla, ChargePoint and other solutions. A Yes Solar Project Coordinator can walk you through exactly what you need for installation and an estimate of what it will cost.

Contact Yes Solar Solutions to be EV ready regardless of the EV brand or timing for your big purchase.  For a free, no-obligation Solar Consultation… Call us at (919) 925-4707 today, and let’s start working together on getting you to a place of energy independence!

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